E-Cite Motors Eliminates 3.3 Million Shares by Paying Convertible Debt

VaporBrands International, operating as E-Cite Motors, announced it has eliminated about 3.3 million shares from potential conversion into common stock. This follows the settlement of a convertible note dated December 22, 2023. The move highlights management's dedication to protecting shareholders and enhancing long-term company value.

E-Cite Motors is taking strategic steps to reduce and eliminate convertible debt, which could adversely affect its share structure. A recent Stock Lockup Agreement removed 90% of potential share conversions for the next year, ensuring minimal dilution while the company progresses with its business plan.

CEO Barry Henthorn emphasized the commitment to prioritizing shareholder interests through reducing debt and potential conversions. The company's regulatory advantage under the Low Volume Manufacturers Act further sets it apart from traditional automakers, allowing rapid market entry for its electric vehicles.